The new digital asset will be pegged to the dollar and integrated into the Exodus Pay payment service. It will be issued by Exodus partner MoonPay, which will use the M0 infrastructure to create and manage virtual currencies with a stable price.

Stablecoins are quickly becoming the easiest way to hold and send dollars via the blockchain, but their adoption has not yet met app user expectations, commented Exodus CEO Jape Richardson.

Richardson did not elaborate on how Exodus' stablecoin will differ from other dollar-based cryptocurrencies. Unless the developers innovate, the coin is unlikely to gain popularity. This is evidenced by the fact that the market capitalization of MetaMask USD (MUSD) is only $23.86 million, almost three months after its release. Tether (USDT) continues to dominate the dollar-denominated stablecoin market, accounting for 59% of the market capitalization of digital assets pegged to the US dollar, reaching $300.55 billion. USDC (USDC), created by Circle, holds second place, controlling 25.2% of the market. The share of other stablecoins does not exceed 3.49%.